The troubled investors of the National Spot Exchange (NSEL), a subsidiary of Jignesh Shah promoted Financial Technologies India Ltd (FTIL) which is under multi-agency probe in relation to Rs 5,600 crore scam, demanded faster action by the government to recover their investment in the erstwhile exchange.

Citing “lack of co-ordinated approach amongst multiple agencies” including Economic Offences Wing of Mumbai Police (EOW), Enforcement Directorate, CBI, Ministry of Finance and, Ministry of Corporate Affairs and Forward Markets Commission (FMC), close to 40 investors demanded that in order to expedite the recovery process the central government should take action.

Investors also demanded that the brokers through whom they invested in NSEL and who were initially involved in the recovery negotiations, should bear the cost of recovering the dues.

They called for investigation by the Serious Fraud Investigation Office (SFIO) against NSEL and Financial Technologies and setting up of a special court for the purpose of early liquidation of assets attached by EOW and ED.

Although the Maharashtra protection of interest of depositors (MPID) which is hearing the recovery suite recently appointed an authority headed by deputy collector to liquidate the seized assets, the actual process of liquidation is yet to begin.

The NSEL scam that involves closed to 13,000 investors including many HNIs, came into light exactly a year ago when the exchange suspended trading and increasing number of borrowers defaulted on their payments.

Since then the EOW has attached close to Rs 5,000 crore of physical properties of defaulters, NSEL officials and Financial Technologies executives including Jignesh Shah. While Shah is currently under police custody, Anjani Sinha , former CEO of NSEL who was arrested last October was granted a bail by the Bombay High Court in early May. Shah, the group CEO of Financial Technologies was taken into custody on May 7, 2014 and his bail hearing is now scheduled on Tuesday by which EOW is likely to file a charge-sheet against him.